One of the most talked about SPAC deals and electric vehicle stories could also be the highlight of the coming trading week, with a deal announcement nearing the finish line.
The report says the valuation would be $15 billion for Lucid Motors, up from $12 billion reported last week.
Churchill Capital is said to be raising an additional $1 billion to $1.5 billion to finance the merger.
The $15 billion valuation would be based on the original $10 offering price of CCIV shares.
Sources told Bloomberg a deal could be announced on Tuesday.
Why It’s Important: Shares of Churchill Capital Corp IV have soared on the rumors. Several appearances by Lucid Motors executives on CNBC have led to spikes in the share price of CCIV.
The $15 valuation of Lucid Motors could make this one of the largest SPAC deals in history, potentially beating last year’s UWM Holdings (NYSE: UWMC) merger, valued at $16 billion.
Price Action: Shares of Churchill Capital Corp IV were down 9% on Friday to close the week at $52.94.
Disclosure: Author is long shares of CCIV.
Photo courtesy Lucid Motors.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.